Visit the government help and support website for resources like videos and webinars if your business has been affected by coronavirus.
The CBI has produced a comprehensive factsheet of financial support for businesses impacted by Coronavirus.
Grants
Small business support: Central government have announced additional funding to support small retail, hospitality and leisure businesses with a rateable value of less than £51,000. There are two grants available £10k & £25k – both are being administered by Merton Council. Businesses that qualify should already have been contacted and in many instances, the grant has been paid. However to check your eligibility have your business rates invoice to hand and click on the website.
Merton Council have received £1.3m to award as a discretionary grant scheme and will be by application. Small and micro businesses with ongoing fixed property costs may be eligible for a grant from the Discretionary Grants Scheme if they were not eligible for the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund. This fund is significantly smaller than the previous coronavirus related grants and will only be available to support a small number of businesses in Merton.
Update: applications are now open for phase 2 of the scheme until midday on 13 July 2020. Click here for more info.
Coronavirus Business Interruption Loan Schemes (CBILS)
The CBILS is to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance. Government-backed loans will be available, with no interest payable for 12 months for smaller businesses and up to three years for larger businesses. Some details can be found here. Full application details are now available by contacting your bank.
‘Bounce Back’ Loan Scheme (BBLS)
The BBLS is a fast-track finance scheme to help small and medium-sized businesses borrow between £2K and £50K, with no fees or interest to pay for the first 12 months and 100% of the loan guaranteed. Details about eligibility and how to apply can be found here.
Coronavirus Job Retention Scheme (CJRS)
The Coronavirus Job Retention Scheme will close on 31st October 2020, and guidance (including a timetable) on how the amount of grants that businesses can receive changed from 1st July. You can register for live government webinars, offering an overview of this here.
From 1 July, employers can bring furloughed employees back to work for any amount of time and any shift pattern, while still being able to claim CJRS grant for the hours not worked.
From 1 August 2020, the level of grant will be reduced each month. To be eligible for the grant employers must pay furloughed employees 80% of their wages, up to a cap of £2,500 per month for the time they are being furloughed.
As part of the plan to support jobs, a Job Retention Bonus will be introduced to help firms keep furloughed workers. UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.
Read the latest here.
- A step-by-step guide for employers to claim wages can be found here.
- CIPD
- Government website
Coronavirus Statutory Sick Pay Rebate Scheme
Employers may be eligible to reclaim employees’ coronavirus-related Statutory Sick Pay (SSP) due to coronavirus. Find out if you are eligible here.
Business Rates
If you are a retail, hospitality or leisure business, you are entitled to 100% Retail Relief following the government announcement on 17 March. You may have received your business rates bill for 2020/21, but please do not pay the April instalment. Merton Council will automatically reduce the amount of business rates and has issued an amended bill.
A business rates holiday (12 months) has been automatically applied to every premises in retail, leisure and hospitality sectors, irrespective of rateable value. This has been implemented by Merton Council and does not require any application process.
Nurseries in England which are on Ofsted’s Early Years Register and are wholly or mainly used for the provision of the Early Years Foundation Stage, will not have to pay business rates for the 2020-21 tax year.
If you are not a retail, hospitality or leisure business and you are having trouble paying your rates, please get in touch with Merton Council on 020 8545 3919 or email at business.rates@merton.gov.uk.
For full details, visit the Government support website for businesses.
